After three clear touches respecting the upward sloping trend line, we've had a clean break below and looking to go short on the re-test of the underside, with a 30 pip SL at 0.5% risk offering 3.98:1 RR for final target.
Reasons for the trade:
1. The market on HTF's is in a sideways pattern, looking to play down from the higher part of the range, on the LTF a clear bullish structure has broken down so looking to get short and capitalise on this.
2. Dynamic support has recently been broken and re-tested once, looking to short if we get another touch of the level drawn.
Reasons for the trade:
1. The market on HTF's is in a sideways pattern, looking to play down from the higher part of the range, on the LTF a clear bullish structure has broken down so looking to get short and capitalise on this.
2. Dynamic support has recently been broken and re-tested once, looking to short if we get another touch of the level drawn.
Trade closed: stop reached:
SL hit and a -0.5% loss taken